At a University with 1,000 Business Majors, There Are 200

question 34

Multiple Choice

At a university with 1,000 business majors, there are 200 business students enrolled in an introductory statistics course.Of these 200 students, 50 are also enrolled in an introductory accounting course.There are an additional 250 business students enrolled in accounting but not enrolled in statistics.If a business student is selected at random, what is the probability that the student is enrolled in neither accounting nor statistics?

• A)0.45
• B)0.50
• C)0.55
• D)0.05

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Definitions:

Pure Monopolists

Firms that are the sole provider of a product or service with no close substitutes, granting them significant control over market price.

Economic Profits

Economic profits are the excess over total costs, including both explicit and implicit costs, representing the additional amount earned by resources over their next-best alternative.

Barriers to Entry

Factors that make it difficult for new firms to enter a market, such as high start-up costs or strict regulations.

Pure Monopoly

A market structure where a single seller controls the entire market for a product or service, with no close substitutes available.